Top 5 Best Custom Practices for Financial Services
The financial industry is now being digitally transformed and renovated with these technologies. The traditional financial services are becoming outdated being replaced with the different types of software management systems widely implemented into financial establishments. Modernization is inevitable for the financial industry and all related companies.
Digital banking apps are practically replacing the old traditional banking building providing all financial services online. Financial software is allocated in a separate direction named fintech.
Custom financial software development entails the development of various custom software systems that are capable of providing all needed financial services to the customers.
In this post, we would like to highlight the most popular and widely used fintech software solutions, what options they provide, and where each of them can be applied.
Commonly, people reveal a low level of trust in online banking solutions because of concerns related to data security, communication gaps, and others. Modern custom digital banking applications are implemented with various cybersecurity techniques in order to ensure the high level of protection of customers’ sensitive data and eliminate the probability of data leakage. Online banking software is able to offer the same range of financial services as traditional banking including customer support, loans, all possible online payments, taxes, and so on. All customers need to do is to install the app of their bank on their smartphones and use all the benefits of digital banking.
Loans can also be managed online within the lending management system. It provides the ability of lending assessment via collecting and analyzing customer information to decide whether a customer is allowed to get a certain sum of loan or not. Lenders can also manage all their customers – frequency and amount of payments, check the credit history, send reminders about the upcoming payments, and other notifications to stay in touch with customers all round the clock.
Accounting management software can be implemented in business companies of different specializations. It helps to track all company expenses, analyze the efficiency of budget distribution and reveal unnecessary spendings in order to decrease them and get more profit for company revenue. Accounting software manages all payrolls, external payments, bills, and invoices and generates custom reports based on financial data analysis. Additionally, all this financial information is saved within your software system so you can always check any data you are interested in.
Tax management tools can be a separate system as well as an integrated part of the accounting software solution. Among the options tax management software provides is a tax calculator so that the users know the precise sum of taxes for each customer, tax payments, customer information and documentation, report generation, and others. The tax payment flow is easy when it can be well-managed and structured thanks to the tax management software.
Payment gateways are commonly implemented on the web or mobile application where customers need to pay for the services or products online with their debit and credit cards. It is a secure connection between the service provider and the bank accounts. When choosing a payment gateway for your software system, it is vital to consider the ability of multi-currency conversion, compliance with data protection law, and private account for each customer.
Fintech development entails following the data security law and rules like GDPR, PCI DSS, and others to provide customers with a high level of data security. When you come up with the selection of a fintech software development partner, you should consider certain criteria about your future vendor, particularly:
- Be present at the interview – make sure you are able to be present on the interview of each developer within the development team that will work on your project to personally check their hard and soft skills;
- Number of employees – your development team may need to scale so make sure your fintech development partner is capable of providing you with additional resources as soon as possible;
- Ensure the chosen software development company is compliant with all international and local security regulations like GDPR, OCC, SEC, and others as security is the top priority for fintech solutions of all types;
- The fintech software partner should provide a precise risk management strategy that can be applied during the development avoiding or coping with various risks in the fintech development;
- Relevant technologies – currently fintech apps are being implemented with the innovations like article intelligence, machine learning, cloud, etc for the purpose of providing great services for customers and complete management over the finances within the solution, your potential partner should be on the same page with the latest trends in the fintech market.